Debt (Q2) (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Debt Disclosure [Abstract] |
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| Schedule of debt |
The total debt obligations are as follows (dollars in
thousands):
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DDTL 1.0 Facility
|
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March 2028
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15%
|
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$1,782,500
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$2,012,500
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DDTL 2.0 Facility
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May 2029
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11%
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4,953,967
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3,843,819
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2030 Senior Notes
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June 2030
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10%
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2,000,000
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|
—
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2024 Term Loan Facility
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April 2025
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12%
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|
—
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1,000,000
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Revolving Credit Facility
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June 2027
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7%
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450,000
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|
—
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OEM Financing Arrangements
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March 2026 –
May 2028
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9-10%
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1,728,388
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1,177,158
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Magnetar Loan
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January 2029
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12%
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256,630
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|
—
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Total principal of debt
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|
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11,171,485
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|
8,033,477
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Less: Unamortized discount and
issuance costs
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(119,984)
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(107,137)
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Total debt, net of unamortized
discount and issuance costs
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11,051,501
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7,926,340
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Less: Debt, current
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(3,627,664)
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(2,468,425)
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Total debt, non-current
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$7,423,837
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$5,457,915
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The total debt obligations are as follows (in thousands):
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2021 Convertible Senior Secured Notes
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October 2025
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17%
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$55,125
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$—
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2022 Senior Secured Notes
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October 2025 – April 2026
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10%
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125,000
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—
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Delayed Draw Term Loan Facility 1.0
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March 2028
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15%
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1,374,924
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2,012,500
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Delayed Draw Term Loan Facility 2.0
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May 2029
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11%
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—
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3,843,819
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2024 Term Loan Facility
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December 2025
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12%
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—
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1,000,000
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|
Original Equipment Manufacturer financing
arrangements
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February 2026 – October 2027
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9% – 11%
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—
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1,177,158
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Total principal of debt
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1,555,049
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8,033,477
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Less: Unamortized discount and
issuance costs
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|
|
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(31,795)
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(107,137)
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Total debt, net of unamortized
discount and issuance costs
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|
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1,523,254
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7,926,340
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Less: Debt, current
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(171,865)
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(2,468,425)
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Total debt, non-current
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$1,351,389
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$5,457,915
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| Schedule of maturities of long-term debt |
As of June 30, 2025, the future principal payments for
the Company’s total debt were as follows (in thousands):
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Remaining portion of 2025
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$986,052
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2026
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4,218,457
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2027
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2,833,142
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2028
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1,010,054
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2029
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123,780
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Thereafter
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2,000,000
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Total
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$11,171,485
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As of December 31, 2024, the future principal payments for
the Company’s total debt were as follows (in thousands):
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2025
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$2,483,202
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2026
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3,102,384
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2027
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1,771,071
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2028
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548,093
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2029
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128,727
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Total
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$8,033,477
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| Schedule of debt interest expense |
The total interest expense for the Company’s debt obligations
was as follows (in thousands):
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Contractual interest expense
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$250,312
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$100,237
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$483,084
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$164,859
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Amortization of debt discounts and issuance costs
and accretion of redemption premiums
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29,036
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|
7,547
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|
66,727
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|
15,605
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Less: capitalized interest
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(23,186)
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(40,687)
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(36,278)
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(72,864)
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Total
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$256,162
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$67,097
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$513,533
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$107,600
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For the years ended December 31, 2022, 2023, and 2024, total
interest expense for the Company’s debt obligations was as follows (in thousands):
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Contractual interest expense
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$4,914
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$30,189
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$474,844
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Amortization of debt discounts and issuance costs
and accretion of redemption premiums
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3,803
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16,533
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33,376
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|
PIK interest
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|
—
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21,621
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—
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Less: capitalized interest
|
|
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(343)
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(41,376)
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(159,017)
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Total
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$8,374
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$26,967
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$349,203
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| Schedule of lease payments for finance leases |
As of June 30, 2025, the future payments under the financing
obligation and finance lease due to the DCSP were as follows (in thousands):
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Remaining portion of 2025
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$9,835
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$9,360
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2026
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19,658
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18,720
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2027
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19,645
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18,720
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2028
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19,630
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18,720
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2029
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19,616
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18,720
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Thereafter
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175,800
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168,480
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Total future payments
|
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264,184
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252,720
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Less: amount representing interest
|
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(149,548)
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(130,350)
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Total
|
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114,636
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|
|
122,370
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Less: current portion
|
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|
(2,910)
|
|
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(3,682)
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Long-term portion
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$111,726
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$118,688
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As of December 31, 2024, the future contractual principal
payments under the financing obligation due to the DCSP were as follows (in thousands):
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2025
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$19,672
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2026
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19,658
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2027
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19,645
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2028
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19,630
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2029
|
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19,616
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Thereafter
|
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175,800
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Total future payments
|
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274,021
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Less: amount representing interest
|
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(158,081)
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Total financing obligation
|
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$115,940
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Less: current portion
|
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(2,087)
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|
Long-term portion
|
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$113,853
|
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